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19.07.2004 Business & Finance

ARB Apex Bank initiates training programmes for rural banks

By GNA

Fomena (Ash), July 19, GNA - The ARB Apex Bank has initiated training programmes to enhance profitability in all rural banks in the country.

Mr R.M. Addo, Head of Training Department of the bank who announced this at the 14th annual general meeting of the Adansi Rural Bank at Fomena, said, "it is the opinion of the ARB Apex Bank that satisfactorily performing rural banks need to be supported to attain the full objectives of the rural banking system".

He said the Apex Bank was to computerise and network the rural banks in a local area network as well as wide area network to make reporting much easier and also ensure prompt and reliable service delivery.

Mr Addo said with time more elaborate and modern devices would be added to the network to make it easier to access cash and other services from the rural banks.

At present, ARB Apex Bank has made it possible for the transfer of money from one location to another, no matter how remote the location might be.

"This is made possible through the network of rural banks and their agencies numbering over 450 offices countrywide", the head of training said.

Mr Addo commended the Adansi Rural Bank for its impressive performance over the last two years.

"I wish to acknowledge that ARB Apex Bank is very impressed with the wonderful work that this bank has done. For a bank which nearly went into distress, your current performance speaks volumes of what a good management and board working in tandem with the laid down procedures and processes can achieve".

Mr Addo said the bank's profit before tax of 1.2 billion cedis as at the end of 2003 was significant in view of the past circumstances of the bank.

He added that the bank's total deposits of over 11.3 billion cedis showed the growing confidence that the public was having in the bank. Mr Ahmed K. Boakye, the chairman of the board announced a cash dividend of 115,056,200 cedis, which worked out to 100 cedis per share.

"This represents 45 percent increase over last year's dividend of 68 cedis per share and over and above returns on government instruments".

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